Shimadzu Corporation (7701): CEO meeting: Tangible strengths of Tescan‘s SEM; FY2026 guidance revision could mark end of bad news in near term

研报英文原文证据摘录

Shimadzu Corporation (7701): CEO meeting: Tangible strengths of Tescan‘s SEM; FY2026 guidance revision could mark end of bad news in near term

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Shimadzu Corporation (7701)

CEO meeting: Tangible strengths of Tescan’s SEM; Overweight

FY2026 guidance revision could mark end of bad news 7701.T, 7701 JP

in near term Price (13 Jul 26):¥4,170

Price Target (Dec-26):¥4,400

On July 13, Shimadzu hosted a meeting with its CEO and a tour of the Shimadzu Japan Equity Research

Tokyo Innovation Plaza. Given the ambitious medium-term plan targets for

Medical Technologies & Services

acquired Tescan, particularly for the semiconductor market, we think expectations

for longer-term growth may increase. However, we believe the stock market's Naoko Saito AC

focus in the short term will be on Shimadzu's FY2026 guidance revision at the 1Q (81-3) 6736-8693

naoko.saito@jpmorgan.com

results announcement, and we see limited near-term impact on the stock. During

Seiji Wakao, Ph.D.

the tour, we once again experienced the user-friendliness of Tescan's SEM and (81-3) 6736-8612

deepened our understanding of demand by market and the company’s seiji.wakao@jpmorgan.com

technological strengths. JPMorgan Securities Japan Co., Ltd.

• Tescan medium-term plan: Shimadzu has already factored Tescan's earnings

into its FY2028 medium-term plan, and management disclosed plans this time

for Tescan's sales to grow from $193 million to $320 million and for EBITDA

to rise from $38 million to $70 million between 2025 and 2028 (Figure 1). It

assumes that over half of the $127 million sales increase will be driven by

growth in sales in the semiconductor market (Shimadzu's medium-term plan

calls for FY2028 sales of ¥680 billion and EBITDA of ¥135 billion).